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Assume Webster Company buys bicycle helmets at a unit cost of $30 and sells them at a unit price of $52. There was no inventory
Assume Webster Company buys bicycle helmets at a unit cost of $30 and sells them at a unit price of $52. There was no inventory at the beginning of the period. Required: Prepare the journal entries to record the following: A. Purchased 100 units for cash assuming the perpetual inventory system is used. B. Purchased 100 units for cash assuming the periodic inventory system is used. C. Sold 100 units for cash assuming the perpetual inventory system is used. D. Sold 100 units for cash assuming the periodic inventory system is used. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 2356> Record the purchase of 100 units for cash assuming the perpetual inventory system is used. Note: Enter debits before credits. Journal entry worksheet Record the purchase of 100 units for cash assuming the periodic inventory system is used. Note: Enter debits before credits. Journal entry worksheet Record the sale of 100 units for cash assuming the perpetual inventory system is used. Note: Enter debits before credits. Journal entry worksheet Record the cost of 100 units sold for cash assuming the perpetual inventory system is used. Note: Enter debits before credits. Journal entry worksheet
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